Minesto scores over $8 million for Deep Green

Minesto's Deep Green device (Photo: Minesto)

Minesto has closed the subscription for its TO1 warrant program having secured approximately SEK 75 million ($8.35 million) in proceeds.

The subscription period of the warrants ‘Minest TO1’, issued in connection with Minesto’s IPO in November 2015, ran from February 1-28, 2017.

In total, 11,931,743 new shares were subscribed, corresponding to a subscription rate of 90,7%, and around $8.35 million in proceeds, according to Minesto.

Martin Edlund, CEO of Minesto, said: “This provides Minesto with significant funding, which we will mainly use to the further development of our unique tidal energy technology Deep Green and to our Holyhead Deep project in Wales, where we will install the first commercial-scale power plants.”

The new shares have been delivered to the subscriber’s account as interim shares, and they will be admitted to trading on First North as soon as the issue has been registered with the Swedish Companies Registration Office and Euroclear, expected to occur about three weeks after the subscription period’s ending on February 28, Minesto said.

Minesto plans to develop a multi-megawatt tidal array off North Wales, starting with the installation of an initial 500kW Deep Green power plant in Holyhead Deep scheduled for this year.

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